AsemconnectVietnam - BAF Vietnam Agriculture Joint Stock Company (stock code BAF) has just issued a Board of Directors Resolution on the establishment of a food processing subsidiary in Gia Lai.

According to Resolution No. 22/NQ-HĐQT dated September 8th, the Board of Directors approved the contribution of capital by BAF Vietnam Agriculture Joint Stock Company to establish a food processing subsidiary in Gia Lai. The company, named BAF Binh Dinh Food Processing Co., Ltd., has a charter capital of VND100 billion, with BAF contributing 100% of the charter capital.
The company's main business is processing and preserving meat and meat products. The company is located in Tay Xuan Hamlet, Tay Son Commune, Gia Lai Province.
Ms. Bui Huong Giang, General Director of BAF Vietnam Agricultural Joint Stock Company, is the authorized representative managing all of BAF Vietnam's capital contributions, and is the Chairman, Director, and legal representative of the subsidiary.
It is known that BAF is continuing to boost investment in its production system with the commissioning of its third animal feed factory in Binh Dinh (now Gia Lai), increasing the company's total animal feed production capacity to 750,000 tons/year, contributing to the proactive sourcing of raw materials for the Feed – Farm – Food chain.
Regarding business performance, according to the recently published consolidated financial report, BAF recorded consolidated net revenue of VND3,899 billion in the first six months of the year, a 55% increase compared to the same period last year and achieving 105% of the six-month plan. Gross profit reached VND797.5 billion, an increase of 31.4%, with core business activities, livestock farming, continuing to maintain positive growth momentum. However, after-tax profit for the first six months of the year recorded VND310.9 billion, a decrease of approximately 9% compared to the same period last year, mainly due to several factors occurring simultaneously in the second quarter.
The company stated that the reason for the profit decrease was due to factors such as the average price of live pigs falling compared to the same period last year, which directly affected the profit margin of livestock farming. Simultaneously, rising interest rates led to increased borrowing costs.
In addition to market factors, the company is also investing heavily in large-scale farm systems.
BAF expects that once the new farms operate stably, reach maximum design capacity, and the Feed-Farm-Food chain continues to be perfected, operational efficiency will improve, thereby creating room for growth in subsequent phases.
Source: VITIC/Bao Tai chinh – Dau tu